Decoding XLM Price Overview

Aug 8

Over time, the XLM price has showcased its similar price activity from XRP, and recent XRP news triggered a bullish spike simultaneously, too.
Judging from the fact that XLM has taken support from the demand zone, with historical proven great surges earlier, and coincidingly broader market optimistic sentiment, the price could aim big.

Over the daily chart, the price has formulated a falling wedge pattern, precisely a bullish pattern, where XLM has traded near the upper border of the pattern and could rocket based on further optimism.

Meanwhile, the indicators have now turned to the optimistic side, as the 50-day EMA has been pierced and is soon to pierce the 200-day EMA from below.

Likewise, the MACD had converged, and it was on the brink of completing a bullish cross formation, where the histogram was at -0.00028. The RSI has shown increased strength in momentum amid the latest news, which has pierced the median line, which, as of writing, was at 55.63.